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Required Courses:
Advanced Federal Income Tax (2) TX 340
An advanced review of the inclusions to, and exclusions from, gross income, and of deductions therefrom in arriving at taxable income. The taxation of individuals will be stressed. Various doctrines, such as constructive receipt and step-transaction, will be analyzed. Characterization of transactions as capital or ordinary will be covered in depth. Federal income tax procedure will be surveyed. This is not a basic income tax course. Students requiring a basic course should make special arrangements with the director.
Civil and Criminal Tax Procedure (2) TX 392
This course entails a study of jurisdictional and procedural problems arising in civil tax practice. This course deals with procedure and documents necessary at all stages of the controversy before the IRS, the choice of courts, pleadings and procedure for the Tax Court, the District Court, and the United States Court of Federal Claims. Statutes of limitations, penalties, examinations, administrative appeals and tax court procedure will be covered. Collection issues include offers in compromise, innocent spouse defenses, and IRS liens and levies. The burgeoning area of administrative tax practice will be studied in detail. The content of this course will be at least two-thirds civil procedure and at most one-third criminal procedure. This course also covers substantive and procedural federal criminal law in the tax and white-collar areas in the context of effective representation and professional responsibility.
Corporate Taxation I (3) TX 350
This is the first of two separate courses relating to the taxation of corporations and their shareholders. These courses focus on corporations governed by subchapter C, as distinguished from other forms of doing business such as partnerships and S corporations. This course will cover the organization of a C corporation, the distinction between debt and equity, distributions (including redemptions, stock distributions and related company stock sales treated as distributions), and various other related issues. Detailed analysis will be given to corporation liquidations and to the allocation rules for income and deductions among taxpayers.
NOTE: Students are required to take either Corporate Taxation I (see above) or Corporate Taxation: A Survey (see below), but not both.
Corporate Taxation: A Survey (2) TX 353
This course is a survey course that will cover the material presented in Corporate Taxation I-II on a less intensive basis. It is directed to those students who intend to specialize in areas other than corporate taxation, yet at the same time wish to learn the broad fundamentals of corporate taxation. Students who have taken Corporate Taxation I or II will only be eligible to take this course with the permission of the director.
Gift and Estate Tax Law (2) TX 370
This course consists of a comprehensive survey of the principles and procedures of federal estate, gift, and generation-skipping taxation, including the relevant principles of valuation, the concept of complete vs. incomplete gifts, the reciprocal trust doctrine, the taxability of property owned by a decedent, life insurance, annuities, death benefits under retirement plans, joint property, powers of appointment, and transfers with retained income and reversionary interests. The course also includes a thorough analysis of the various deductions, credits, and exclusions available for transfer tax purposes.
Partnership Taxation (2) TX 380
This course will examine in-depth the provisions of Subchapter K of the Internal Revenue Code of 1986, as amended. Included will be a study of when a partnership exists, the essential characteristics that distinguish partnerships from corporations and the difference and similarities between partnerships and S corporations. This course will also cover the partnership-like tax treatment of limited liability companies. Basic partnership tax law, including the tax consequences relating to the formation, operating and termination of partnerships and transfers of partnership interests will be analyzed in detail. Time will also be spent examining the subjects of partnership allocations, transactions between a partner and the partnership, and the treatment of partnership liabilities. Finally, the course will also consider the effect of the at-risk and passive activity loss limitations upon partnerships and their partners.
Tax/Employee Benefits Research (2) TX 333
This course acquaints students with the large amount of research materials available in the tax and employee benefits areas and develops their skills in researching issues through the effective use of these materials. Primary and secondary sources will be examined in depth. Emphasis will be placed on researching judicial decisions, legislative histories, and administrative rulings. The course will also develop skills in using computerized research tools. No final examination will be given. Student evaluations will be based on various research assignments.
Elective Courses:
Advanced Estate Planning (2) TX 373
This course studies the application of the federal and state transfer taxes to hypothetical fact situations. It includes an analysis of all relevant estate planning considerations, including the related income tax aspects. Particular emphasis is given to the drafting considerations to implement various estate planning choices. Applicable probate law, along with methods of avoiding probate, is also considered.
Prerequisite Gift and Estate Tax Law; Basic Estate Planning; Federal Income Tax
Basic Estate Planning (2) TX 371
A study of the application of federal and state transfer taxes to hypothetical fact situations. The course includes an analysis of all relevant estate planning considerations, including gift, estate and generation skipping tax aspects. Some income tax issues relating to trusts and estates are discussed but are not focused on. Applicable probate law, along with methods of avoiding probate, is also considered.
Prerequisite: Gift and Estate Tax Law
Business Practices for Tax Lawyers (2) TX 330
This course presents a study of the language and fundamentals of business activities. Topics will include basic accounting and interpretation of financial statements, as well as various business activities which give rise to tax issues, including debt, securities, mergers, and bankruptcy. The course provides the background necessary to apply tax law principles to common business transactions.
Charitable Giving in Estate Planning (2) TX 375
This course provides an in-depth analysis of income, estate and gift tax consequences of transmitting wealth via charitable giving; The legal and ethical problems involved with fund-raising will be discussed, as well as consideration of alternative funding methods. The income tax aspects of charitable giving by trusts and estates will be covered, as well as the transfer tax issues. Generation skipping taxes will also be discussed. Selected sophisticated forms of giving, such as charitable lead trusts, pooled income funds, bargain sales, and charitable gift annuities, will be analyzed.
Prerequisites: Gift and Estate Tax Law; Basic Estate Planning; Federal Income Tax (which may be taken concurrently with TX 375)
Corporate Taxation II (3) TX 351
This course is the second course of a two-course series in corporate taxation. An in-depth study will be made of corporate reorganizations under Section 368 of the Code, including both stock and asset acquisitions, as well as corporate separations under Section 355. Also to be addressed are issues related to affiliated corporations, and the survival and transfer of corporate attributes. Problem sets will be handed out to illustrate the workings of these highly technical rules, but the course will go beyond the technical to emphasize tax planning considerations.
Federal Income Taxation of Property Transactions (2) TX 341
This course covers in-depth the federal income tax consequences arising from sales, exchanges and other dispositions of property. Matters covered are determination of the taxable event, the amount realized, adjusted basis, and loss limitations (including passive activity and at-risk provisions). The course includes a detailed analysis of taxable transactions, including the use of the installment method of accounting, as well as study of the non-recognition provisions including like-kind exchanges and involuntary conversions, but excluding corporate reorganizations. The course covers various methods of acquisitions and disposition of businesses, including special allocation rules for certain assets.
Prerequisite: Advanced Federal Income Tax
Income Taxation of Estates & Trusts (2) TX 372
A thorough review of the income taxation of personal trusts and estates. The course will also cover the rights, powers, and duties of a fiduciary, principles of trust accounting, virtual representation, total return trusts, planning opportunities and drafting issues.
Prerequisite: Gift and Estate Tax Law and Individual Income Tax
Independent Study (1-3) TX 398
Research on an issue of tax law and formation of an original idea in connection with that issue, culminating in a written work of published quality.
IRS Externship Program (3-4) EB 389
Students selected to participate in this program work with the attorneys at the Office of Chief Counsel of the IRS’ Small Business/Self-Employed Division Counsel, Large and Mid-Size Business Division Counsel, or Tax Exempt/Government Entities Counsel. The educational objectives of this course include practical experience in tax & employee benefits law, development of research, writing and drafting skills, and preparation of pleadings, discovery documents, stipulations of fact and trial memoranda used in Tax Court cases. Professor Kathryn J. Kennedy, director.
Prerequisites: Federal Income Tax and Tax and Employee Benefits Research
Life Insurance: Tax Aspects in Business, Estate, Employee Benefits and Financial Planning (2) TX 336
Life insurance is a financial vehicle commonly used in funding many of the financial plans and benefit programs dealt with in the courses offered in the program. Because it is such a technical subject and also because tax practitioners are obliged to understand how life insurance products operate, how they may be utilized, and the tax aspects applicable, we offer a separate course on this subject. The course will stress the tax aspects of funding buy-sell agreements; estate and gift tax consequences of life insurance acquired as part of one’s estate or financial plan; income and estate tax aspects of life insurance included in pension, profit sharing, and group health plans; and income, estate, and gift tax matters associated with insurance-funded executive benefit plans.
Personal Financial Planning (2) TX 335
This course is an overview of the planning that an individual should consider during his or her lifetime, including the disposition of property at death. It includes income tax concepts as they relate to personal financial planning, investment considerations, risk management, use of trusts, retirement options (when implementing plans and when withdrawing from plans) and gift and estate tax problems, including post-mortem planning. The course concludes with several cases to illustrate the tax savings that can be achieved with proper planning. This course will enable students to do personal financial planning for their clients, which is one of the growth areas for practicing lawyers. Because of the nature of the material there is no required sequence to this course with respect to the estate planning courses (TX 370 and 371).
Prerequisites: Gift and Estate Tax Law; Basic Estate Planning
Post-Mortem Planning and Estate Administration (2) TX 374
This course covers federal tax issues and state probate law issues that occur in the settlement of a decedent’s estate. Topics covered will include the use of disclaimers and/or the QTIP election to obtain the optimum martial deduction bequest; post death accounting issues facing owners of pass-through entities; income tax consequences of property distributions in satisfaction of bequests; valuation issues and estate tax deferral considerations; and apportioning the tax burden.
Prerequisites: Gift and Estate Tax Law; Basic Estate Planning; Federal Income Tax
State and Local Taxes (2) TX 385
A study of state income, excise, real property, and franchise taxes; retailer’s occupation and related taxes (sales tax); and City of Chicago taxes. Appropriate tax planning becomes more difficult as expanding governmental revenue needs lead to increasingly complicated state and local tax structures. The course is designed to provide a beginning familiarity with the practical aspects of a state and local tax practice, with emphasis on Illinois law.
Tax Exempt Organizations (2) TX 386
This course covers problems associated with obtaining and maintaining exemption from federal income tax under subchapter F of the Internal Revenue Code. Special emphasis is placed on private foundations, the extent of permissible commercial activities or transactions, unrelated business income tax problems, prohibited transactions, charitable contribution limitations, intermediate sanctions and discussions of the professional responsibilities of attorneys dealing with non-profit organizations. The mechanics of obtaining exemptions, as well as the philosophy behind such preferred status, are examined. Organizing and operating not-for-profit corporations and tax exempt trusts are also reviewed in depth.
Taxation of Closely Held Businesses (2) TX 334
This course will examine tax aspects of sole proprietorships, C corporations, S corporations, partnerships, and limited liability companies for small and closely held businesses. We will begin by examining issues that arise when selecting the type of entity, the annual accounting method, and setting compensation. Then, for each entity, we will discuss the consequences related to formation, distribution of profits and losses, and termination. Finally, we will examine how the selection of entity impacts the type of employee benefits that may be provided by the entity and the transfers of ownership interests during lifetime and upon death.
Prerequisite: Advanced Income Tax
Recommended: Partnership Taxation; Corporate Taxation
U.S. Taxation of International Transactions and Foreign Taxpayers (2-3) TX 387
A study of the U.S. taxation of international commercial transactions involving U.S. and foreign taxpayers. As business becomes more international in scope, most practitioners will be exposed to foreign taxation. This course covers the U.S. taxation of the income of U.S. taxpayers operating abroad through branches and subsidiaries; the U.S. foreign tax credit provisions; cross-border asset transfers; related party income allocations; foreign currency issues; the U.S. taxation of non-resident individuals and foreign corporations; and bilateral income tax treaties.
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